FHA loan through my bank vs other options

[Anthony Olaso]

Hello everyone. I want to get pre approved for my first FHA loan to acquire my first property, preferably a multi family home. I was planning on going through my bank but a real estate agent told me it was easier and better to go a different route and gave me a referral to a lender she uses all the time. I’m currently studying for my license and I don’t think theIr allowed to do that unless it’s a list of three or more options. Either way it has me wondering if there is any truth to that or not. Any advice would be appreciated. I bank through Wells Fargo if that makes a difference.

[Wayne Brooks]

The large banks will often have their own overlays which are more restrictive than the pure fha regulations.  They can also be Much slower....your agent gave you good advice, generally.  The referral is no violation unless they are receiving some kind of commission/payment.